Money Management

If you don’t have a pool, there’s no need to sweat. You can rent a private pool by the hour for as little as $30 this summer. Here’s what you need to know. 

Now that summer is here, many of us are looking for an escape from the heat. If you don’t have a pool and live in an area with limited public pool options, you may be looking for an alternative way to stay cool this summer. Did you know you can rent someone else’s private pool for the day? Swimply lets you rent pools in your area by the hour. Find out what you need to know about this service.

Introducing Swimply

Swimply is an online pool rental marketplace. Pool owners can list their pools for rent to boost their income, and everyday people can find private pools in their community to rent by the hour. Rental prices vary by listing, but rentals are available for as little as $30 per hour. Planning an exciting day out in the sun with your crew may be cheaper than you realize.

You’ll be charged an hourly rate to rent a Swimply pool. You’ll also be charged a guest service fee ranging from 10% to 15%, depending on the number of guests. You can review a breakdown of each charge and will be shown the total rental cost before completing your booking.

What is included varies by listing. In addition to pool access, some listings include extra amenities like wi-fi, showers, a hot tub, or a grill. The included search filters make finding the perfect pool easy. With services like Swimply, you don’t have to belong to an expensive members-only pool to have fun this summer.

If you’ve been looking for a way to plan a pool party without draining your checking account, you may want to try this service. Review each listing carefully before booking a pool rental so you know what to expect and can choose the right rental for your needs.

Four other affordable ways to cool down on hot summer days

Not interested in renting a private pool for a summer party? There are other ways to get relief from the heat without disregarding your financial goals. Below are several options to consider as you start making plans for the summer:

Visit your local library: Libraries are a great place to hang out in the summer, especially if you live in a home without air conditioning. You can spend a few hours at your local library reading books, enjoying free programming, or surfing the internet.See a matinee movie: Another activity to do in the summer to keep cool without ignoring your budget is to see a matinee. Most movie theaters offer affordable ticket prices for matinee showings. You don’t have to spend a lot of money to have fun.Visit local spray parks and splash pads: Parents with kids looking for free summer fun should check to see if there are spray parks or splash pads in their community. Some public parks have these amenities available for free during the warmer months.Swim at a public pool: Public pools are another great place to go to escape the heat. Many public pools throughout the country have affordable day rates. You might also explore investing in a season pass if you live close to a public pool and plan to visit several times this summer.

For additional budget-friendly tips, check out our personal finance resources.

Alert: highest cash back card we’ve seen now has 0% intro APR until 2024

If you’re using the wrong credit or debit card, it could be costing you serious money. Our experts love this top pick, which features a 0% intro APR until 2024, an insane cash back rate of up to 5%, and all somehow for no annual fee.

In fact, this card is so good that our experts even use it personally. Click here to read our full review for free and apply in just 2 minutes.

Read our free review

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

 Read More 

People are often laser focused on their retirement in their 50s. Here are four investments that could help you build wealth to see you into your old age. 

When you think about investing, your mind probably jumps straight to the stock market. But there are all kinds of investments at all stages of life — whether it’s buying a house, investing in education and training, or putting cash into an IRA. For example, when you’re in your 20s, you might be focused on your career and building your future. As you get older, your priorities may shift.

Once you hit your 50s, you probably have one eye on how you’re going to pay for your old age. It might be that you’re planning to retire early. Or maybe you’re thinking about working longer so you can put more cash aside. Whatever your situation, here are some investments that could make sense.

1. Tax-advantaged accounts

There are a few different types of tax-advantaged investment accounts, and not all of them are geared toward retirement. What they have in common is that they can lower your tax bill and help boost your investments. Here are a few to check out.

401(k): This is a tax-deferred, employer-sponsored retirement plan. Employees can opt to automatically contribute a chunk of their pre-tax paycheck and only pay tax on withdrawals later in life. The best thing? Many employers will match at least part of your contributions.Individual retirement account (IRA): This is similar to a 401(k), except there’s no employer involved. You can defer taxes on your contributions now and pay tax later when you withdraw that money. Check out these top IRA accounts for more.Roth IRA: With a Roth IRA, you pay taxes on your contributions now and can make tax-free withdrawals in your retirement. Check out these top Roth IRA accounts for more.Health savings account (HSA): Unlike the other accounts listed above, this is not retirement focused. It works in conjunction with a high-deductible health plan and lets you contribute pre-tax dollars toward medical costs.

There’s a limit to how much you can put into your 401(k) or IRA each year, and if you’re in your 50s, you can make extra catch-up contributions. These aren’t for everybody. But there are several scenarios where it can make sense, particularly if your retirement savings aren’t quite where you want them to be.

2. Stocks, mutual funds, and ETFs

Whatever your age, the stock market is a good way to beat inflation and build wealth over time. Historically, the stock market has generated strong average returns for long-term investors. The only issue is that it can fluctuate. There will be years when your assets increase in value, and others where they might underperform or even lose value. As a result, the stock market isn’t a great place for money you might need in the next five years or so.

As you get closer to retirement, you might opt to reduce the percentage of equities you hold so you’re less exposed to market fluctuations. A lot depends on your tolerance for risk, how much you’ve got saved, and when you plan to retire. If you’ve still got 10 years or more until you plan to stop working, you have time to wait out any near term volatility.

If you’re not an expert in stocks, don’t let that put you off. You don’t need to be a stock-picking wizard to build a diversified portfolio. Consider an exchange-traded fund (ETF), index fund, or mutual fund — they can give you exposure to a mix of sectors and markets without the need to buy individual stocks.

We talked about various tax-advantaged options above. Think of them as vehicles rather than investments in and of themselves. For example, you can put a number of different assets into an IRA, just as you would in a brokerage account. If you’ve maxed out your IRA or want to use a straightforward brokerage to buy stocks, check out our list of top brokerages.

3. Bonds

Bonds had a bad 2022, but that doesn’t mean we should give up on them altogether. Bonds pay a fixed income and are widely considered a safer way to invest than the stock market. The downside to that lower risk is that bonds often generate lower returns than equities do.

Diversification is the other reason people hold bonds alongside stocks. Bonds often (but not always) increase in value when the stock market falls. Some financial advisors advocate a portfolio with 60% stocks and 40% bonds, particularly in your 50s. This logic has come under fire recently because of inflation and high interest rates, but it’s still a decent yardstick.

4. Pay off high-interest debt

This is a little counterintuitive, as it’s not a specific investment. But if you carry credit card or other high-interest debt, you could make more by saving money on interest payments than you’d generate by investing it. And, unlike many investments, the return is guaranteed.

Look at it this way: The average APR on a credit card is around 20% right now. The average return from the S&P 500 — a good gauge for stock investments — over the past 30 years is just over 10% before inflation. There are other advantages to becoming debt free, too. In addition to giving you more financial freedom, it may boost your credit score and stop interest payments from eating into your budget.

Bottom line

A lot of financial advice centers around the importance of starting early with your investments. That’s great if you’re able to. But if you’ve reached your 50s and worried about the state of your finances, it’s not too late. Look at ways to increase the gap between what you earn and what you spend so that you can invest the difference. The more money you’re able to put aside today, the better positioned you’ll be for your retirement.

Alert: highest cash back card we’ve seen now has 0% intro APR until 2024

If you’re using the wrong credit or debit card, it could be costing you serious money. Our experts love this top pick, which features a 0% intro APR until 2024, an insane cash back rate of up to 5%, and all somehow for no annual fee.

In fact, this card is so good that our experts even use it personally. Click here to read our full review for free and apply in just 2 minutes.

Read our free review

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

 Read More 

Your property survey contains important information you need to know as a homeowner. Read on to learn more. 

When you buy a home, there are certain steps you need to take to make sure you’re purchasing the property you think you are. Most buyers, for example, put a home inspection clause into their purchase agreements that says if an inspection uncovers major issues, they have the right to walk away from the deal without financial penalty unless those issues are fully addressed.

One document you may not think to access or look at before closing on your home is your property survey. But actually, it’s a document you really don’t want to overlook.

The importance of reviewing your property survey

Your property survey is a document that spells out the boundaries of your property. And that’s an important thing to know.

Let’s say your home and the adjoining property share an outdoor space that isn’t fenced. A property survey will show you how much of that property is yours versus your neighbor’s.

But that’s not the only reason to look at your property survey before buying your home. Your property survey will also indicate if any of your land is restricted in any way. And that might play into your decision to purchase that home.

Let’s say your property survey reveals that part of your yard is on conservation land, or that there’s an easement in place. That could mean that you’re not allowed to make changes to that part of your property, such as planting or cutting down trees or putting up any type of permanent structure that could alter the land, like a swimming pool, shed, or fence.

That could be a deal-breaker, depending on your plans for the property. So it’s better to know what you’re dealing with before you sign your mortgage and lock yourself into that home purchase.

How to get a copy of your property survey

If you already own your home and want a copy of your property survey to pursue an outdoor project (for example, you’ll likely need a copy before you put in a pool), you may be able to get it by visiting your local tax assessor’s office or by going to your town office and inquiring there.

If you’re in the process of buying a home, your mortgage lender or title company may be able to help you find a copy, says Experian. In fact, it’s common for lenders or title companies to have a new survey done as part of the closing process. That’s something you’ll often pay for as part of your closing costs. And if you’re paying, then you absolutely have the right to get a look at that document.

You may not be inclined to pay close attention to your property survey when you’re buying a home. But failing to read yours carefully could end up being a big mistake. So just as you probably wouldn’t buy a home without thoroughly reviewing the findings of a home inspection, so too should you make a point to understand your property survey and make sure there are no red flags.

Our picks for the best credit cards

Our experts vetted the most popular offers to land on the select picks that are worthy of a spot in your wallet. These best-in-class cards pack in rich perks, such as big sign-up bonuses, long 0% intro APR offers, and robust rewards. Get started today with our recommended credit cards.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

 Read More 

Wannabe home buyers are likely contemplating whether it’s more feasible to rent or purchase. Here are the four cities where buying is actually cheaper. 

The current state of the real estate market has made the choice between renting and buying a home more important than ever. Since the pandemic, the average sale price of homes has skyrocketed by almost 40%. According to recent reports, the typical home nationwide now has a monthly mortgage cost that’s about 25% more than rent. In a new report by Redfin, there are only four major metro areas in the U.S. where it’s cheaper to buy than rent.

Where buying is more affordable

Out of the top 50 cities in the U.S. there are only four major metros where it is more affordable to buy then rent:

DetroitPhiladelphiaClevelandHouston

In these areas, monthly mortgage payments are estimated to be lower than monthly rental costs.

RELATED: Mortgage Calculator

Detroit is the city with the highest percentage discount on buying a home compared to renting. With a 24% savings, this means that the median estimated monthly mortgage payment for home buyers is $1,296, compared to a median estimated monthly rent of $1,697.

Following Detroit are Philadelphia (7% ownership discount), Cleveland (4% discount), and Houston (1% discount). These locations have experienced stagnant home values compared to the national average.

Where the homeownership premium is the highest

Those looking to purchase a home in the Bay Area will be in for a rude awakening. In San Jose, California, the cost of buying a home is a staggering 165% higher than renting, the highest in the country.

San Francisco (139%), Oakland, California (99%), Anaheim, California (91%), and Seattle (88%) all also have exorbitant premiums for homeownership. Every home on the market in these cities is more expensive to purchase than to rent.

The same is now true for Sacramento, Las Vegas, Phoenix, and Austin. These once-affordable metropolitan areas are now facing rising prices for home buyers. Remote workers caused a surge in housing prices, and less than 1% of homes in Sacramento and Las Vegas and only 1% in Phoenix are cheaper to buy than rent. Austin fares slightly better with 5%.

Will homeownership become cheaper than renting?

Mortgage rates would have to decrease significantly for homeownership to become more affordable than renting. If the 30-year-fixed mortgage rate drops to 5% — a drop of 25% from the most recent rates of 6.71% — then the average monthly mortgage payment would be roughly $2,993, only 10% higher than the $2,716 median estimated monthly rent.

If rates drop to 4%, the estimated premium would decrease to 1%. If they drop to 3%, it could be up to 7% cheaper to rent instead of buying. According to experts, rates are expected to drop below 6% by year’s end due to the Federal Reserve’s anti-inflation efforts. However, it’s unlikely they’ll reach the extremely low 3% levels again anytime soon.

How to prepare to buy a home

For most regions across the country, buying a home is worth the extra expense compared to renting as it offers numerous advantages, such as increasing your personal wealth, gaining predictable monthly mortgage payments (and avoiding rent increases), and tax benefits.

Buying a home may not be the best option for everyone. For people who have to move often, renting can be a smarter choice, as they wouldn’t be staying in one place long enough to build equity in their home. Additionally, many individuals simply cannot afford a down payment, which is becoming more common due to the rising mortgage rates and higher home prices.

Preparing to buy a home in a potential recession may seem daunting. However, being proactive in the home-buying process is the first step. Start by assessing your personal finances — evaluate your debts, savings, and credit score. This will help you determine what you can realistically afford in a home.

With the recent boom in home prices, there are only four major American cities where it is cheaper to buy than rent. If you are looking to buy, it’s essential to research the housing market trends and forecasts. It will give you a better understanding of what you can expect in terms of pricing and availability. Compare the costs of renting versus buying, as well as your future goals and living arrangements. Remember, buying a home is a significant investment, and taking the time to prepare can help ensure a successful and less stressful experience.

Our picks for the best credit cards

Our experts vetted the most popular offers to land on the select picks that are worthy of a spot in your wallet. These best-in-class cards pack in rich perks, such as big sign-up bonuses, long 0% intro APR offers, and robust rewards. Get started today with our recommended credit cards.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Citigroup is an advertising partner of The Ascent, a Motley Fool company. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

 Read More 

Often, buying the store brand is a good way to save but a gamble on quality. See why Sam’s Club’s Member’s Mark brand seems to be an exception. 

Sure, a lot of what makes warehouse stores, like Sam’s Club, good personal finance choices for many families is the quantity discounts. Everything you buy is huge, so your price-per-unit goes down.

But bulk buys aren’t the only way families save — nor are they the only thing behind the dedicated fan bases warehouse stores maintain. No, a good chunk of both of those can also be attributed to a popular, high-quality store brand.

For Sam’s Club, that house brand is Member’s Mark. And it offers a huge range of everyday goods and groceries under that brand. In addition to generally being very well-priced, Member’s Mark items tend to be highly rated. Here are some of my favorite picks.

1. Member’s Mark spices: $3.68 to $9.98

Properly seasoning your foods is a cheap way to make everything you cook taste better. You can find a wide range of common spices under the Member’s Mark label, from salt to cumin to granulated garlic. They’re pretty much all reviewed at 4.5 stars or higher, with lots of remarks on the quality. The containers are modestly sized by Sam’s Club standards, but they’re much larger than those little jars on the spice racks, so stick with seasonings you use the most often to avoid waste.

2. Member’s Mark nuts: $4.48 to $25.98

Nuts are nature’s perfect snack, not only packed with vitamins and healthy fats, but also providing that satisfying crunch. The Member’s Mark brand offers a ton of different options, including dry-roasted peanuts, shelled pistachios, and even organic pine nuts (ideal for pesto). Prices obviously vary a ton depending on the kind of nut, and you’ll be buying them in bulk, but there’s potential for good per-nut value.

3. Member’s Mark broth: $8.48

Broth is one of those pantry staples that I always keep on hand — and in large quantities (because you never need a tablespoon of it, it always seems to be measured in cups). Sam’s Club’s Member’s Mark chicken and beef broths both get 4.8 stars from thousands of reviewers, which speaks well of its quality. It’s also less than $9 for a six-pack of 32-ounce containers, which is a solid value.

4. Member’s Mark canned tomatoes: $9.48

Tomatoes are one of the most universal ingredients, showing up in all manner of cuisines from around the globe. They also happen to keep very well in cans and make a great bulk-buy choice. The Member’s Mark brand offers both diced tomatoes and tomato sauce, and you can get a 12-pack of cans of either for less than $10.

5. Member’s Mark garbage bags: $10.58 to $24.98

You interact with your garbage bags all the time, and a bad-quality bag makes all those interactions significantly less pleasant. Member’s Mark makes a variety of trash bags with nearly five-star ratings, from kitchen bags to yard bags to contractor-quality clean-up bags. Prices vary, but the value is good, and one Sam’s Club-sized box of bags will likely last you the better part of a year.

6. Member’s Mark coffee: $11.98 to $27.98

When coffee lovers get bad coffee, they’ll tell you about it. So when every Member’s Mark-made coffee has at least 4.6 stars — even the instant stuff gets 4.7 stars — then you have to reason it’s a decent brew. You can find a huge array of coffee options, from Kureg-friendly cups to, yes, instant, though arguably the most popular is the Organic Fair Trade Whole Bean coffee, which has well over 1,000 five-star reviews.

7. Member’s Mark toilet paper: $22.98 to $25.97

For something we buy just to literally flush down the toilet, the quality of your toilet paper is surprisingly important. Member’s Mark’s toilet paper gets a very high rating — 4.8 stars — from more than 10,000 satisfied users. There are large rolls and mega rolls (if you like the convenience of a mega roll, I suggest a roll extender!) in huge packages for just $0.02 per square foot.

Stacking deals with rewards

You can outfit most of your pantry (and fridge, and freezer) with nothing but Member’s Mark products, and you’ll likely be happy with the lot of them if the reviews are to be believed. Even better, the potential value is easy to see. But you can make it even better by making sure you take along your handy-dandy rewards credit card. Choose one with bonus rewards for warehouse stores to really get your savings on.

Alert: highest cash back card we’ve seen now has 0% intro APR until 2024

If you’re using the wrong credit or debit card, it could be costing you serious money. Our experts love this top pick, which features a 0% intro APR until 2024, an insane cash back rate of up to 5%, and all somehow for no annual fee.

In fact, this card is so good that our experts even use it personally. Click here to read our full review for free and apply in just 2 minutes.

Read our free review

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

 Read More 

LGBTQIA+ Americans have unique financial needs, and are particularly vulnerable to money problems. Read on for a few resources to help you manage your money. 

It’s a sad fact that if you’re part of the LGBTQIA+ community, you’re more likely to struggle with money. We earn less on average, to start with — the Human Rights Campaign found that in 2021, the LGBTQIA+ wage gap leaves us earning an average of $0.90 per $1 earned by a straight American. These money struggles go beyond just less access to the green stuff, though. Research from The Ascent showed that queer Americans even feel less prepared to make smart decisions to further financial goals (just 24%, versus 34% for straight Americans).

Plus, a lot of us were raised with someone else’s idea of who we should be and what should be important to us. You might be on a journey to unlearn these messages, and in the meantime, you likely need some help figuring out the life you want to live alongside making better financial decisions.

John of the Debt Free Guys (more about them below!) offered this piece of advice for queer folks who are just starting out with personal finance management: “If we can discover what we truly want — the most important things for us — then we’re less likely to chase happiness through mass-consumptions and overspending, and it’s easier to create and stick to a budget knowing that.”

Thankfully, there are some excellent resources out there you can turn to for money advice that takes your unique needs and circumstances into account. Let’s take a closer look at a few of them.

1. Bitches Get Riches

For an honest look at personal finance without any sugar coating but with a strong queer and feminist bent, you’ll want to check out Bitches Get Riches. The content creators, finance gurus, and podcasters behind this outlet go by the handles Kitty and Piggy, and they absolutely revel in living their lives on their own terms, which is inspiring.

Their website and duly-named Bitches Get Riches podcast cover a wide variety of topics, from becoming a freelance worker, to learning to live on your own, to various guides for money topics like down payments to buy a home or a car. The resources for young queer folks are especially great (even though it makes me sad that they have to exist at all). For example, if you aren’t finding the support you need from your family, you might need to find ways to cope. Bitches Get Riches has a wonderful guide for that.

2. Queerency

Are you an aspiring small business owner or fervent supporter of them? Then you absolutely need to know about Queerency. Queerency is the source for LGBTQIA+ business and economics news you can use. Want to know which lesbian-owned brands are making waves? Or which fintech companies are focusing on meeting the needs of queer folks (and our finances)? You’ll find all kinds of stories on Queerency’s home page, or you can subscribe to “The Balance Sheet,” their newsletter.

3. The Debt Free Guys

David and John are also known as the Debt Free Guys, and they are a pair of husbands on a quest to teach others how to live a happy and fulfilled life without sacrificing financial security. In addition to maintaining a blog and recording a podcast (Queer Money), they offer resources to help you pay off debt, learn to budget, and improve your credit score. It’s all based on their own experiences of paying off a ton of debt and getting their finances in order (and as someone who has done the same in the last year, that speaks to me).

And don’t think you’ll only find dry money topics on their site! On the contrary, the focus on embracing a fabulous life (without going broke) is both fun and refreshing.

4. SAGE

For a horse of a different color, take a look at SAGE, and specifically, SAGECents. SAGE is an advocacy organization for older members of the LGBTQIA+ community that was founded in 1978 and now also has a strong web presence. SAGECents is one program it offers. It’s a digital platform to help older community members and their caregivers navigate financial matters. You’ll find tools and resources for all kinds of financial topics from increasing your credit score to signing up for Medicare.

There are also a ton of resources available on the SAGE website that deal with the complexities of money management alongside gender, age, marital status, and other factors that may be outside the societally prescribed norm for LGBTQIA+ people.

5. Life Kit

Finally, I want to recommend the NPR podcast Life Kit as an excellent all-purpose resource for all aspects of life — straight, queer, and beyond. Life Kit covers money topics frequently, and does so with a focus on inclusivity and easy, actionable tips that anyone can follow. The show also features diverse voices and perspectives, and episodes are released a few times a week.

They’re also all really short (often less than 20 minutes long), which means you can squeeze in an episode while you’re running a quick errand or doing some boring chore at home, and end up learning something new. If you like podcasts and are short on time, this one is worth following, and listening to the episodes that catch your eye.

Being LGBTQIA+ and struggling with money can be really isolating. You feel as if no one quite understands the issues you face, and the traditional personal finance community might not make you feel welcome. If you’re feeling alone and in need of financial advice, retirement planning, and more, give these resources a try.

Alert: highest cash back card we’ve seen now has 0% intro APR until 2024

If you’re using the wrong credit or debit card, it could be costing you serious money. Our experts love this top pick, which features a 0% intro APR until 2024, an insane cash back rate of up to 5%, and all somehow for no annual fee.

In fact, this card is so good that our experts even use it personally. Click here to read our full review for free and apply in just 2 minutes.

Read our free review

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

 Read More